back Back

RAKBANK joins Arab Monetary Fund’s payment platform Buna

By Leandra Monteiro

October 03, 2022

  • Arab Monetary Fund
  • Buna
  • Central Bank of UAE
Share

RAKBANK, BunaRAKBANK announced that it has joined the Arab Monetary Fund’s (AMF) Buna payment platform. In line with the Bank’s digital transformation strategy, this partnership aims to provide customers with an enhanced payment service platform for sending and receiving cross-border, multicurrency payments safely and securely.

Buna enables commercial banks, central banks, and other financial institutions, in the Arab region and beyond to send and receive payments in Arab currencies as well as key international currencies. It offers real-time services through a centralized, risk-controlled, and secure platform.

As RAKBANK is a participating Bank in Buna Payments platform, it will now have access to Real time Gross Settlement (RTGS) for foreign remittances offering an efficient, accessible, and risk-controlled payments process to its customers. The main objective is to harness the capabilities of the Buna payment platform to better serve its customers. This partnership will further strengthen the country’s regional cross-border payments sector and provide a seamless payment infrastructure.

Raheel Ahmed, Chief Executive Officer of RAKBANK, said, “Joining the Buna payments platform is a pivotal step in RAKBANK’s plan to support regional cross border trade. It is important for us to explore strategic initiatives that enhance the region’s payments infrastructure. As a customer-focused bank in the UAE, we understand the importance of convenience and speed when it comes to payments. This announcement is in line with our commitment to investing in smarter banking solutions and increasingly using technology to make our range of services more accessible to additional customers, wherever they are. We would like to thank Buna for their exceptional cooperation which has made this process easy and swift.”

Commenting on this, Mehdi Manaa, Chief Executive Officer of Buna, said, ‘’We are pleased to welcome RAKBANK as participant in Buna. With the onboarding of RAKBANK, we look forward to unlocking the opportunities in enhancing cross border payments in multiple Arab and international currencies in compliance with global standards and international best practices. This is a major step to realize our vision to empower economies and strengthen integration within the Arab world. At this occasion, I would also like to thank the Central Bank of UAE for its continuous support to Buna.”

This move comes as the first of many initiatives by the Bank, aimed at enhancing their international payments capabilities. Buna has rapidly grown its network to include over 84 participant banks.

Previous Article

October 03, 2022

Treasury Prime partners with Bangor Savings Bank to expand network

Read More
Next Article

October 03, 2022

Paysend enables payouts in 175 countries

Read More








IBSi Daily News Analysis

Web3, Indian market

April 16, 2024

Arab Monetary Fund

Explosive growth in Web3: UAE and MENA region poised to lead crypto, DeFi, and Metaverse revolution

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

URBN and Stripe to power online and in-person retail payments

Read More

Today

Codat and JP Morgan partner to promote adoption of virtual card

Read More

Today

Hubpay launches Hubpay Connect to boost global payments integration

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023